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Go-Jek strengthens grip on local ride-hailing market as fresh funds pour in

Summary

The Jakarta Post, February 7, 2019

Go-Jek announced last week that it had received series F funding from Alphabet Inc.’s Google, Chinese e-commerce giant JD.com Inc. and China-based conglomerate Tencent Holdings, with Mitsubishi Corp. and Provident Capital joining as investors. Go-Jek did not disclose in its press statement the amount it raised, but sources quoted by Reuters said the value was at around US$1 billion. The funds raised would be used to help Go-Jek penetrate the market in Indonesia and strengthen its position in other countries, including Singapore, Vietnam and Thailand, the company wrote in the statement.